How much could I save with salary packaging if I have a HECS-HELP debt?
Salary Packaging with a HECS-HELP debt
Potential annual benefit for a health employee
| Salary | Take home pay without salary packaging ie. $9,010 on living expenses after-tax | Take home pay with salary packaging ie. $9,010 on living expenses before-tax | Benefit (annual) after repaying the HELP repayment |
|---|---|---|---|
| $60,000 | $40,402 | $42,101 | $1,699 |
ASSUMPTIONS: Estimated annual benefit based on an eligible employee salary packaging the full $9,010 per annum limit. PAYG tax rates effective 1 July 2024 have been used. HELP repayments are based on 2024-2025 HELP repayment thresholds and rates. The actual administration fee that applies to you may vary depending on your employer and may alter the calculation. Estimated annual benefit based on the assumption that an employee does not have any accumulated Financial Supplement debt. Your benefits will vary depending on your income and personal circumstances. Compulsory HELP repayments commence once your adjusted taxable income reaches $54,434.
IMPORTANT INFORMATION: The information provided in this brochure is factual information only and is not intended to constitute taxation or financial advice on the relative merits of salary packaging or on any other basis. Benefits and savings will vary depending on personal objectives, financial situation and needs. Maxxia recommends obtaining independent financial advice before making any financial decisions. Eligibility criteria and terms and conditions apply. All salary packaging proposals are subject to the requirements of the employer. Fees and charges apply. Maxxia may pay and receive commission or rebates in connection with some services and products it provides or arranges to be provided by third parties.
Potential annual benefit for a charity employee
| Salary | Take home pay without salary packaging ie. $15,900 on living expenses after-tax | Take home pay with salary packaging ie. $15,900 on living expenses before-tax | Benefit (annual) |
|---|---|---|---|
| $60,000 | $33,512 | $36,750 | $3,238 |
ASSUMPTIONS:Estimated annual benefit based on an eligible employee salary packaging the full $15,900 per annum limit. PAYG tax rates effective 1 July 2024 have been used. HELP repayments are based on 2024-2025 HELP repayment thresholds and rates. The actual administration fee that applies to you may vary depending on your employer and may alter the calculation. Estimated annual benefit based on the assumption that an employee does not have any accumulated Financial Supplement debt. Your benefits will vary depending on your income and personal circumstances. Compulsory HELP repayments commence once your adjusted taxable income reaches $54,434.
IMPORTANT INFORMATION: The information provided in this brochure is factual information only and is not intended to constitute taxation or financial advice on the relative merits of salary packaging or on any other basis. Benefits and savings will vary depending on personal objectives, financial situation and needs. Maxxia recommends obtaining independent financial advice before making any financial decisions. Eligibility criteria and terms and conditions apply. All salary packaging proposals are subject to the requirements of the employer. Fees and charges apply. Maxxia may pay and receive commission or rebates in connection with some services and products it provides or arranges to be provided by third parties.
Disclaimer: This general information doesn’t take your personal circumstances into account. Please consider whether this information is right for you before making a decision and seek professional independent tax or financial advice. Employers should independently consider whether a benefits program is appropriate for their organisation and seek advice where appropriate. Conditions and fees apply, along with credit assessment criteria for lease and loan products. The availability of benefits is subject to your organisation’s approval. Maxxia may receive commissions in connection with its services. Maxxia does not act as your agent or representative (or provide you with any advice or recommendations) in respect of the purchase of any vehicle.